LIC scheme: Here’s how you can revive your insurance policy after it lapses
New Delhi: Signing up for a scheme by the Life Insurance Policy (LIC) means that you’ll have to pay your premiums on time until maturity or as per the last date of instalment as per the plan. However, in many cases, investors fail to invest in the scheme which eventually leads to a policy lapse. In such a situation, investors can easily revive their insurance policy by using several ways offered by the LIC. But doing that might prove to be a bit costly for investors.
Ordinary Revival of LIC Policy
LIC offers an Ordinary revival method to let investors revive their policies. You can easily revive your lapsed policy within 6 months from the date of policy lapse. However, for this, you’ll have to pay a certain interest amount along with the premium.
In this case, the company usually doesn’t ask for any document regarding the health condition of the person who is the policyholder
Medical Basis LIC Policy Revival
Medical Basis Policy Revival cannot be used as an Ordinary Revival Scheme. An investor can use this revival method once during his policy tenure.
LIC decides the medical requirements under this revival plan to calculate the amount that needs to be revived.
Special Revival Scheme of LIC
In this policy, investors will have to pay a single premium as per the age at the time of revival. One can avail the special revival plan only after paying the full premium. Under this scheme, the insurance company may ask you to declare good health along with certain medical records.
Instalment Revival Scheme of LIC
In the Instalment Revival Scheme, investors are given the option to pay the dues in multiple instalments without the policy lapse. This plan is suitable for those who can’t pay all the dues at once.
Loan Cum Revival Scheme of LIC
Using the Loan Cum Revival Scheme, investors can revive the policy by taking an advance from the already investment money to pay the premium arrears. In this case, investors won’t have to pay a fresh single penny to LIC to revive their scheme, provided they already have sufficient funds in their insurance plan.